What Goes Into Building An NFT Marketplace like CryptoPunks?
CryptoPunks are pixel-block representations of traditional artworks predominantly tokenized using the ERC721 tokens. Moreover, cryptopunks are an early-bird collectible minted on the Ethereum chain (back in 2017). Ever since, the craze for computer-generated punks has been increasing along with an all-punk NFT marketplace.
With the availability of avant-garde technologies, developing a conventional NFT marketplace may not be rocket science. However, building an NFT marketplace like CryptoPunks involves a lot of things. That’s what this blog’s to-do list is all about. Carry on reading!
Is Replicating the CryptoPunks a Viable Idea?
It, of course, is!
When computer-generated CryptoPunks first hit the market, they cost somewhere between $1 and $30. Over the years, they’ve become quite popular and expensive. The market trajectory report from CryptoSlam clearly indicates how far the computer-generated punks have come. Even the cheapest CryptoPunk was sold at some lakhs of dollars!
The fact that CryptoPunks is one of the early-bird initiatives speaks more volumes about its industry-leading characteristics. They’ve sparked a flurry of business opportunities for graphic designers to entrepreneurs, and many more. As art punks become mainstream in the NFT sector, it becomes mandatory rather than an option to build more punk-specific marketplaces.
But then, developing a punk-like marketplace from scratch isn’t advisable as it incurs a hell lot of time, money, and effort. Replicating the CryptoPunks business idea becomes easier with an open-source CryptoPunks clone that establishes a dedicated marketplace. The entrepreneur’s preferences and add-ons are taken into account while leveraging the CryptoPunk Clone. The Platform is designed to provide the capabilities that platform users have requested.
Read more: NFT Development: A guide to Creating a Non-Fungible Token
Outline Of the CryptoPunks Clone
On a regular basis, a slew of new digital collectible platforms emerge and bring significant benefits to the crypto dealers. CryptoPunks is one of the most popular non-fungible tokens platforms, offering a diverse range of digital assets such as art, music, games, domain names, metaverses, photography, and more. Crypto traders will tokenize their rare assets in order to sell them on secondary NFT marketplaces.
If you’re serious about developing a CryptoPunk-like platform, you can hire an NFT marketplace development company to leverage the ready-made solutions. Many blockchain companies provide complex features and cutting-edge technologies to entrepreneurs, allowing them to improve the usefulness of their apps like Rarible in the future. Take a look at the seamless process of CryptoPunks-like marketplace development
Targeting A Niche
Market specialization is vital in establishing your NFT marketplace. Experts advise betting on a vertical market rather than a horizontal market. As a vertical market, you’ll provide targeted insight and specialized services. Remember that – everything for everyone – may not work every time and everywhere.
Assigning Smart Contracts
Put your design into action upon deciding the niche. Choose the framework that you believe best fits your objectives. Some people may consider hiring a well-equipped developer to enjoy high performance and reputation. Also, they cut costs and save time (as well).
The core of an NFT marketplace lies in smart contract development as it facilitates secure trading between peers. So, it obviously becomes an indispensable part of building your CryptoPunks-like marketplace development.
Trading Engine Development
The trading engine of any NFT marketplace facilitates hassle-free NFT trading without any technical hiccups. So, you must exercise special care in engineering your marketplace’s engine!
Moreover, marketplaces’ engines are intended to simplify peer-to-peer trading such as CryptoPunks. These engines result in bug-free trading by validating the trait layer.
Check out: Is It Worth Adding NFTs To Your Investment Portfolio?
Indispensable Features of An NFT Marketplace Like CryptoPunks
Now that you’ve gone through the potential of CryptoPunks clone, it’s time to know the unavoidable (or must-have) features in your marketplace:
Since you’re creating an NFT marketplace entirely for artpunks, it’s better you establish everything related to it. A storefront reminiscing popular artpunks (created in the NFT sector) might persuade users to take action!
Eliminate any thoughts of semi-decentralization or partial ones. For modern-day NFT marketplaces, it is mandatory to be entirely decentralized. An ordinary NFT enthusiast (like me!) expects that.
Your CryptoPunks’ NFT marketplace must support NFTs built on other platforms as this characteristic has become mandatory. You can accomplish increased footfalls if you include this feature!
I think it’s safe to say that CryptoPunks have spearheaded the artpunk revolution in the modern-day NFT space. Well, I also have the stats to back my statement off (mentioned earlier in the blog).
When a CryptoPunks like platform holds such huge potential, I don’t think anyone will miss out on such an opportunity will you?
Read more: What Does NFT Marketplace Development Provide The Entrepreneur?